You occasionally hear these stories in the news. An elderly person hires a nurse, housekeeper or even ends up as a resident in a nursing home and is talked into signing over homes, bank accounts and assets. It even happens when the elderly are moved into nursing homes and a professional guardian is appointed by the state to care for them. These “guardians” are given access to the assets and have drained them away. When the family starts to ask questions they can be denied future visitation with the elderly and have to start a lengthy legal process to have rights restored and accountings completed.

It is estimated senior citizens lose $36.48 billion each year to elder financial abuses. Originally, it was estimated the number was only $2.9 billion because it is so underreported to authorities. The problem is 12 times worse in reality. Worst yet, $16.9 billion of this amount is said to be from deceptive yet technically legal tactics taken most often by unscrupulous probate attorneys who are brought in to represent the elderly through guardianship.

Why don’t we hear about these things more often? Simply put, the elderly and the families are embarrassed at what has happened and want to put it in the past.